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Manitowoc (MTW) Plans to Relocate Corporate Headquarters

Recently, The Manitowoc Company, Inc. (MTW - Free Report) announced plans to relocate its corporate headquarters to Milwaukee from Manitowoc in Wisconsin. The repositioning will likely complete by the end of first-quarter 2018.

Per the announcement, Manitowoc will lease around 16,000 square feet of space at One Park Place in the Park Plaza office park for its new office. The company has already begun shifting its employees. The new location will provide easy access to customers, shareholders and employees.

Notably, Manitowoc continues to focus on consolidating its manufacturing footprint and reducing cost of organizational structure. The company’s relocation of crawler crane manufacturing in the United States is also complete. This move will optimize its manufacturing footprint, reduce costs and broaden margins.

The company remains focused on cost controls, reducing headcount, boosting productivity and eliminating waste as well. Its focus on investment in new products and sales initiatives will propel sustainable and long-term growth. Continued rise in demand levels will translate into brighter prospects for increased manufacturing efficiencies and additional operating leverage.

However, Manitowoc has underperformed the industry with respect to price performance over the past year due to elevated steel prices, and slowdown in mobile cranes and commercial construction projects. The stock has rallied nearly 68.5%, while the industry has recorded growth of 79.9%.

H&E Equipment Services has a long-term earnings growth rate of 18.6%. Its shares have rallied 89.1%, over the past six months.

Astec has a long-term earnings growth rate of 10%. The company’s shares have been up 15.8% during the same time frame.

Caterpillar has a long-term earnings growth rate of 10.3%. The stock has gained 56.4% in six months’ time.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +25% per year. These returns cover a period from 1988-2017. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zack Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.

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